Monthly loan performance significantly improved at the Federal Housing Administration. Endorsements, meanwhile, sank — though they could bounce back.
FHA insurance was in force on 8,502,962 residential loans for $1.2699 trillion as of Feb. 29 based on an analysis of Department of Housing and Urban Development data.
The total insurance in force included $1.1253 trillion in single-family loans, $0.1436 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.
The overall book of business expanded compared to 8,489,761 loans for $1.2658 trillion one month earlier and 8,449,941 loans for $1.2375 trillion one year earlier.
Delinquency of at least 30 days, including foreclosures and bankruptcies, on FHA’s single-family book of business finished February 2017 at 10.72 percent. The past-due rate tumbled from 11.25 percent as of Jan. 31, 2017, and 11.19 percent as of Feb. 29, 2016.
The most-recent rate included a 1.46 percent foreclosure rate and an 0.86 percent bankruptcy rate.
Serious single-family delinquency of at least 90 days, including foreclosures, was 4.81 percent.
FHA endorsed 90,310 residential loans for $18.443 billion during February 2017. Volume sank from 119,126 loans endorsed for $24.412 billion the prior month. In the same month the prior year, 93,583 loans were endorsed for $18.432 billion.
The most-recent month’s endorsements were comprised of $17.038 billion in single-family loans, $1.401 billion in HECMs and $0.004 billion in Title I loans.
Residential endorsements during the first-two months of this year amounted to 209,436 loans for $42.855 billion. Since FHA’s fiscal-year 2017 started on Oct. 1, 2016, there have been 560,180 loans endorsed for $114.790 billion.
Refinance share of single-family endorsements widened to 36.1 percent from 35.7 percent in January.
Despite the month-over-month plunge in FHA endorsements, March business appears poised for an increase based on single-family and HECM applications, which climbed to 126,768 in February 2017 from 118,368 the previous month.
